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Affordable Housing in Middlebury: LIHTC's Long-term Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Middlebury neighborhood in Akron, Ohio, contains 26 units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 24 designated as low-income units. Based on the 2022 population of 5,078 and the national average household size, the neighborhood is estimated to have approximately 1,946 housing units. LIHTC funded affordable housing represents about 1.3% of the estimated housing inventory in Middlebury.
The LIHTC program has invested $955,328 in tax credits in Middlebury, averaging approximately $36,743 per unit in LIHTC funded projects. Affordable housing has been present in Middlebury for over three decades, with the first LIHTC project, Parkwood Apartments, completed in 1988, and the most recent, Middlebury Commons, finished in 2019.
The 1980s and 1990s saw the most LIHTC project completions in Middlebury, with three projects finished during this period: Parkwood Apartments (1988), Philip Avenue Rehab (1992), and Annunciation Terrace (1999). Middlebury Commons was added in 2019. The LIHTC funded housing in Middlebury includes 4 one-bedroom units and 1 two-bedroom unit, suggesting a focus on smaller households or individuals.
Middlebury has experienced demographic shifts over the past decade. The population decreased from 5,961 in 2013 to 5,078 in 2022, a decline of about 14.8%. Despite this population decrease, the median income increased from $19,735 in 2013 to $27,574 in 2022, an increase of approximately 39.7%.
Racial demographics have remained relatively stable. The Black population slightly decreased from 43% in 2013 to 42% in 2022, while the White population increased from 42% to 43% in the same period. The Hispanic population, not reported in 2013, represented 5% of the population in 2022.
The completion of Middlebury Commons in 2019 aligns with a period of continued population decline but rising median income, possibly indicating a need for affordable housing options for lower-income residents in an increasingly expensive neighborhood.
Middlebury's LIHTC funded affordable housing inventory represents a long-term investment in the neighborhood's low-income housing needs. The presence of LIHTC projects from 1988 to 2019 shows ongoing efforts to maintain and expand affordable housing options. Despite a declining population, the rising median income and the recent addition of LIHTC units suggest a continued need for affordable housing in the neighborhood. The focus on smaller units indicates a tailored approach to local housing needs. While LIHTC funded units cover only a small percentage of the estimated housing inventory, they play a crucial role in providing affordable options in Middlebury.
